Transcend Capital Advisors LLC Boosts Holdings in Marathon Petroleum Co. (NYSE:MPC)

Transcend Capital Advisors LLC grew its position in Marathon Petroleum Co. (NYSE:MPC) by 21.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,770 shares of the oil and gas company’s stock after purchasing an additional 485 shares during the period. Transcend Capital Advisors LLC’s holdings in Marathon Petroleum were worth $481,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MPC. Norges Bank purchased a new stake in shares of Marathon Petroleum in the 4th quarter valued at approximately $500,685,000. Capital Wealth Planning LLC grew its stake in shares of Marathon Petroleum by 10,902.9% in the 1st quarter. Capital Wealth Planning LLC now owns 1,110,630 shares of the oil and gas company’s stock valued at $223,792,000 after buying an additional 1,100,536 shares during the period. Schroder Investment Management Group boosted its position in shares of Marathon Petroleum by 309.9% during the 4th quarter. Schroder Investment Management Group now owns 643,590 shares of the oil and gas company’s stock worth $95,483,000 after purchasing an additional 486,573 shares during the period. International Assets Investment Management LLC boosted its position in shares of Marathon Petroleum by 248.1% during the 4th quarter. International Assets Investment Management LLC now owns 608,888 shares of the oil and gas company’s stock worth $90,335,000 after purchasing an additional 433,977 shares during the period. Finally, Canoe Financial LP purchased a new position in shares of Marathon Petroleum during the 4th quarter worth approximately $33,604,000. Hedge funds and other institutional investors own 76.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MPC. Jefferies Financial Group increased their price objective on shares of Marathon Petroleum from $222.00 to $231.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. StockNews.com cut shares of Marathon Petroleum from a “buy” rating to a “hold” rating in a research report on Friday, June 14th. Tudor Pickering raised shares of Marathon Petroleum to a “strong-buy” rating in a research report on Thursday, May 30th. Raymond James lowered their price objective on shares of Marathon Petroleum from $235.00 to $230.00 and set a “strong-buy” rating for the company in a research report on Thursday, May 30th. Finally, Piper Sandler reduced their target price on shares of Marathon Petroleum from $190.00 to $168.00 and set a “neutral” rating on the stock in a report on Friday, June 14th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Marathon Petroleum has an average rating of “Moderate Buy” and an average price target of $196.85.

Marathon Petroleum Stock Performance

Marathon Petroleum stock traded down $8.54 during midday trading on Friday, hitting $164.64. 2,599,758 shares of the company’s stock were exchanged, compared to its average volume of 2,325,567. Marathon Petroleum Co. has a 12-month low of $133.65 and a 12-month high of $221.11. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.99 and a current ratio of 1.43. The stock has a market cap of $58.01 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 2.09 and a beta of 1.40. The firm’s 50 day simple moving average is $171.45 and its 200 day simple moving average is $178.69.

Marathon Petroleum Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 21st will be given a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a yield of 2.00%. The ex-dividend date is Wednesday, August 21st. Marathon Petroleum’s payout ratio is currently 16.48%.

Marathon Petroleum announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 7.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Marathon Petroleum

Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. The company operates through Refining & Marketing, and Midstream segments. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products, including renewable diesel, through transportation, storage, distribution, and marketing services.